Foreign Companies in China Hoping for Quick End to War

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Last updated at: (Beijing Time) Friday, March 21, 2003

Foreign Companies in China Hoping for Quick End to War

When war broke out Thursday morning in Iraq, foreign companies in China expressed their hope that it would end as soon as possible.

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When war broke out Thursday morning in Iraq, foreign companies in China expressed their hope that it would end as soon as possible.

As a country neighboring Iraq, Turkey might be one of the countries badly affected by war.

Turkish Airlines President Zafer Baysal said the war will cause "unpredictable results" to the aviation industry in a short time, so the airline company will make changes to its Middle East routes according to the situation.

"We plan to have five weekly flights from Beijing and Shanghai beginning April 1. So as long as the war ends by then, we will have enough market demand."

Fathy M. Attia, the China district manager of Egypt Air, sharedthe same opinion.

"The war will affect people's confidence in flying," he said. "Visitors to the Middle East have reduced sharply recently. The earlier the war ends, the sooner world tourism will recover."

Not only tourism is affected, Attia said, noting that "as the area stores the world's important oil resources, the Middle East situation will keep affecting the global economy."

"The world has not fully recovered from September 11, and the war in Baghdad will make the situation even more severe. We hope the war will end soon," said Richard Hill, director of learning, marketing and business development with Rolls Royce, one of the world's largest aircraft engine manufacturers.

"Less people will travel by air, so less companies will buy aircraft. It is a very simple fact," Hill said.

The effect of war on the world's economy and energy supply willdepend on how long the war lasts. The rise of oil prices will cause a negative influence on many commodities including cars. If the situation continues, a regional economic depression might be likely, said Kenneth Hsu, vice president of Ford Motor China Company.

Foreign banks and investment institutions also showed their concern about the war. Officials with Citibank Group and the Hongkong and Shanghai Banking Corporation Ltd (HSBC) branches in Beijing said so far their China operations have not been affected.

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